Is General Liability Insurance Worth the Cost?
General liability insurance covers most general lawsuits and is the safeguard to protecting your business. Although general liability insurance is very important, it is not uncommon to hear business owners question why they should spend the extra money on investing in it.
What is General Liability Insurance?
General liability insurance protects your business from “general” lawsuits, as its name suggests. It comes into play should a third party (anyone who isn’t an employee) sues your business over a couple of specific occurrences:
- Slander, libel, misappropriation, and copyright infringement (advertising injuries)
- Injuries to their body obtained on your commercial premises
- Any damages you caused their property
Any business, no matter the size, can face these claims. Take a look at the difference between general liability and professional liability insurance here.
Why General Liability Insurance is Worth the Cost:
For most business owners the cost of not having general liability insurance far outweighs the cost of investing in it. According to Hartford, the average cost of a slip and fall claim is $20,000, and the average cost of a libel suit is around $50,000. Without proper coverage your business could lose large amounts of money. The right type of insurance can help cover these costs.
General liability insurance is not required but is definitely something to consider if your business is open to public access, if you use social media publicly for your company, if you market or advertise your business, if you produce products, etc.
To learn more about general liability insurance and if it would benefit your organization, reach out to us here. We would love to help you protect your business in the best possible way!